Nexus Launches Expat Income Protection Insurance in UAE
Online Product Gives Expats a Safety Net Against Sudden Unemployment, or While Unable to Work Because of Accident or Sickness
Dubai, United Arab Emirates
A new Expat Income Protection policy through Nexus Insurance Brokers is helping UAE residents cover themselves against sudden unemployment, or in case they can’t work because of accident or sickness. Launched in partnership with Orient Insurance PJSC and UK-based Realm Protection, the new product is available as an online purchase, offering peace of mind against a sudden, short-term loss of income.
Believed to be the first online policy of its type in the UAE market, it provides payments of up to AED 25,000 per month for up to three months. In the event of accidental death, the policy also provides AED 100,000 paid to a nominated beneficiary, plus up to AED 25,000 towards repatriation expenses.
Tarun Khanna, Nexus Group CEO, says it fills an important gap in many expatriates’ financial security.
“Particularly for low to middle-income earners, suddenly losing their salary can quickly run down family savings, but this gives them some breathing space,” he said. “The payments provide an emergency safety net against unemployment, making sure you can pay your living expenses while finding a new job, or in the case of injury or sickness, recover enough to return to work.”
Expat Income Protection is a straightforward product covering a simple but common need. Nexus believes the added convenience of being able to complete the purchase entirely online will add significantly to its appeal, with international consultancy McKinsey showing that 80 percent of shoppers touch a digital channel at some point while buying insurance.
“Our aim is to make the customer journey as easy as possible,” said Tarun Khanna. “Customers with complex requirements need an individualised, personal service, but there is a very large group of customers who can determine their needs through completing a simple questionnaire online, and get a policy issued immediately. As people become increasingly accustomed to purchasing services online and on a smartphone, customers are expecting this kind of choice.”
To receive a quote, customers visit the microsite www.expat-income-protection.com and enter their personal details, monthly gross income, and the level of cover they need, up to AED 25,000 depending on salary. To purchase, they complete payment details, and upload a copy of their passport and Emirates ID. The whole process takes only a few minutes from start to finish.
Expat Income Protection is exclusively available through Nexus Insurance Brokers to UAE Residents.